Cryptocurrency wallet development: How to create a modern app – Euro Weekly News

By EWN • 27 May 2022 • 16:22

With the growing popularity and proliferation of cryptocurrency and related transactions, apps created to perform these duplicate transactions have also taken their place in the market. There are more and more of them, yet there is still no one perfect solution that surpasses all others, which means that cryptocurrency apps are still a promising market. But it’s important to consider that these apps have their characteristics and different types. This is what we will talk about in our article.
Regardless of the type, a cryptocurrency storage app requires a high level of security and reliability. Therefore, crypto wallet development is a big responsibility. That’s why we recommend applying not just to single specialists but also to large companies with great experience and, most importantly, a whole development team.
With such highly specialised yet extensive apps, one person can’t consider all the nuances. So your task is to find a development company that will do cryptocurrency wallet development.
Also, before the creation, you need to decide what platform you want to develop: will it be a crypto wallet for iOS or Android. Moreover, there are a lot of other parameters: target audience, type (native, web app, or hybrid), and so on.
And last but not least is to think about the functionality of the app and the requirements for its operation and design. Only with a clear understanding and vision of the future project can you approach the developers and start the crypto wallet development.
Cryptocurrency wallet development: How to create a modern appCryptocurrency wallet development: How to create a modern app
As we have already mentioned, the apps for crypto storage have their features, which distinguish these kinds of apps and complicate the process of their development. If you miss any nuance, you risk wasting all the efforts and resources in developing the app and not meeting the users’ expectations. Worse, you may suffer losses due to irrelevant data or pay fines due to non-compliance with legislation. So let’s look at what you need to look for to make your app as successful as possible.
Real-time data is essential for cryptocurrency apps. First, changes in currency values and exchange rates are updated almost every second, and delays in updating this information can lead to transaction rejections, money losses, and other unpleasant situations that you, as the owner of the app, will have to deal with. Secondly, any transaction data must also be processed almost instantaneously so that no disputes arise, for example, when two users bought the same NFT almost simultaneously.
To avoid such risks, it is necessary to set up a system of data exchange and processing so that there are no delays in the process and the information in the app is always in real-time.
Cryptocurrency is still controversial among many experts and is never recognised in some countries. Therefore, to ensure that your app is legal, has an interested audience, and does not incur fines or losses due to local laws, it is essential to determine the correct region for implementing a cryptocurrency app.
We recommend carefully studying the relevant laws of all those countries where you plan to launch a crypto wallet. Suppose there are any restrictions that you can nevertheless consider. In that case, you will need to adapt your crypto wallet development process to make it as convenient and valuable as possible for all your target audience segments.
Once you are sure that crypto wallet development is where your wants and capabilities converge, it’s time to decide on the type of app you want to develop.
Cryptocurrency apps also have their subtypes that allow you to define a narrower set of features to make the app more effective. For example, we are now looking at crypto wallet development.
A cryptocurrency wallet is somewhat similar to a regular e-wallet like Google Pay or Apple Pay. It’s the kind of software that helps you maintain access to all your cryptocurrency accounts in one place. It stores all the necessary passwords and data, account movement information, etc. Such a crypto app gives users the ability to make any transactions and exchange currencies.
It is essential to maintain high-security standards because your app stores access to the entire state of your users. All passwords must be secure, and logging into the app must be done with a fingerprint, facial identification, or two-factor authentication – most importantly, the chance of hacking must be reduced to zero. And using these apps should be as simple as possible, with an intuitive interface to ensure the best user experience.
Today, some crypto wallet development projects involve the integration of a statistics aggregation platform. The information is gathered from inconvenient statistical tables, graphs, and charts. In this case, data is pulled from various exchanges. For a user, it is essential to know where exactly this or that information is taken from and to sort data, getting it only from a selected source.
User experience and interface design are at their core. Users must be comfortable and visually understandable with everything displayed to them. Therefore, the clearer and more pleasant the method of statistical data is, the more chances for success of such an app.
It would help if you also thought about what other tools your users can use to analyse your statistics and additional features such as a news feed, news alerts or updates, and the ability to write articles or reviews.
Cryptocurrency wallet development: How to create a modern appCryptocurrency wallet development: How to create a modern app
The cost of app development depends first of all on the features of the app itself:
The cost of development depends on each of the above items. Crypto wallet development for each platform will be longer and more expensive than a single cross-platform one, although the user experience will be better, and so on. Your choice of each item depends on your goals and desires and, to some extent, your target audience.
The cost will also be influenced by other parameters that do not directly depend on your app:
To find out the exact price of your cryptocurrency app, contact the developers. They will specify all the details determining the cost and give you the most accurate price and development timeframe. You can also leave an app on the chosen company’s website and get a free consultation from the manager on all the questions about crypto wallet development.
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